NYL Executive Benefits LLC (NYLEX Benefits) is a subsidiary and the executive benefits consulting arm of New York Life Insurance Company. NYLEX Benefits is independently managed, nationally recognized, and exclusively dedicated to providing to our clients comprehensive solutions for their executive benefit program needs. Our clients include major and mid-size US corporations, banks and hospitals, whose plans total billions of dollars in assets and benefits.

NYLEX Benefits is uniquely positioned to provide exceptional executive benefits consulting. We include a select group of professionals, each dedicated to a specialty area in supporting client programs, processes and services. These disciplines include: actuarial; accounting; finance; legal; life insurance product design and management; and administrative support systems and servicing.

Our parent company, New York Life, a Fortune 100 company, is the largest mutual life insurance company in the United States. With an enviable 156-year history, New York Life combined with its affiliates has more than $178 billion in assets under management as of December 31, 2001 and total revenues of more than $21 billion. New York Life Insurance Company and New York Life Insurance and Annuity Corporation have among the highest rankings from the leading independent ratings agencies, including A.M. Best (A++), Moody's (Aaa) Standard and Poor's (AA+) and Fitch Ratings (AAA) for financial strength.

NYLEX Benefits was founded on the basis that we would distinguish ourselves by providing our clients with an unprecedented dedication to:

• Quality
• Service
• Convenience
• Value

NYLEX Benefits' staff demonstrates a high level of creativity, integrity, professional expertise and professional competence, all coordinated to assure each client of individually tailored programs to serve that client's specific objectives.

Helping Businesses Succeed

• Competitive pressure and tax reform have changed the way executives are compensated.
• Supplemental benefit plans can fill the pension gaps created by legislative restrictions and limitations.
• NYLEX Benefits works exclusively in this area - addressing executive benefits in the context of shareholder value.
• NYLEX Benefits has a long and successful history designing and implementing plans that provide benefits to executives in numerous business organizations.
• NYLEX Benefits will design and service an executive benefit program that makes sense for each client's particular circumstances and objectives.
• NYLEX Benefits provides programs and service to:
  - Attract, retain and reward the top performers.
  - Provide executive supplemental benefit programs.
  - Defer executive compensation.
  - Upgrade director benefits.
  - Provide financially attractive alternatives to traditional group term life insurance coverage.
  - Contain general post-retirement benefit obligations.

Connecting Businesses and Executives to Financial Success
Our clients recognize that management performance is often the difference between superb and mediocre returns for shareholders. That's why they want to establish innovative ways to attract and reward the best people — and why we've chosen to help them do just that.

We help businesses balance compensation for top performers with returns for the owners — now and in the future. We are very adept at balancing these competing needs. Our opinion is backed by the thousands of executives for whom we support billions of dollars of benefits. We are proud of the fact that we have had long and continuing relationships with the clients we have served. We think these kinds of relationships are possible only because we understand our business.

While NYLEX Benefits' clients include some of the world's largest corporations and professional accounting and law firms, our primary focus is on serving small and mid-size business entities, which typically do not have in-house resources with expertise in executive benefits. Our clients include businesses with management teams of as few as 15 executives to businesses with thousands of executives.

Meeting Supplemental Executive Benefit Challenges One Client at a Time
We work directly with our clients to:

• Evaluate their needs and recommend action. This includes a careful analysis of the client's situation, from its specific concerns to "big picture" recommendations.
• Design programs that are consistent with client needs. Focus on sound, creative recommendations to help clients remain competitive.
• We can identify benefit trends.
• We keep abreast of the current law in this area.
• We know where the balance lies. Lavish benefits detract from shareholder value one way, meager benefits detract equally in another way.
• Present and advocate programs to boards and shareholders. A coordinated strategy to gain board approval. Our expertise makes our presentations credible; our experience makes our advocacy effective.
• Recommend financing strategies that minimize cash and earnings pressure. We help define benefit liabilities and create assets to offset them. Enhanced earnings offset plan costs.
• Service benefit programs and make them easier to administer. We stress thorough follow-up:
  - Documentation assistance with our clients' attorneys.
  - Assistance with our clients' auditors.
  - Comprehensive reporting support.
  - Regulatory compliance support.
  - Monitoring ongoing program and funding performance.
  - Providing periodic program reviews and actuarial valuations.

NYLEX Benefits maintains contact with regulatory agencies and leading accounting and law firms, so our analysis always reflects current developments and the best-informed estimates of how the landscape may change in the foreseeable future.

We continue working with our clients after we help put their executive benefit programs in place. We help our clients respond to regulators and prepare for audits and exams. We provide assistance in complying with program reporting requirements. NYLEX Benefits is a company that services executive benefit programs as much as one that creates them. We created our service group to ensure that our clients' programs receive focused attention even after they are in place. We think that says a lot about how much we believe in the programs we create, and how committed we are to our clients' financial success.

We think these are good reasons for prospective clients to talk to us. Call us at (203) 353-5800 for more information.

NYLEX Benefits
301 Tresser Boulevard, Suite 1200
Stamford, CT 06901
(203) 353-5800
FAX (203) 353-5844
nylex@serpplus.com

NYLEX Benefits does not provide tax, legal or accounting advice. Please consult with your other professional advisors for such advice.

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